Total plans to invest in Novatek's LNG terminals in Murmansk and Kamchatka

French Total will invest in the construction of Novatek's LNG terminals in Murmansk and Kamchatka, the head of the French company Patrick Pouyanne told reporters.

"We have just announced that we are investing in Arctic LNG 2, but we are also investing in terminals in Murmansk as well as in Kamchatka. This is part of our agreement with Novatek. To develop Arctic LNG 2, we need two hubs — one in Murmansk, the other in Kamchatka. And Total will be a partner in these two hubs," Pouyanne said.

"All of that will account for a 10 percent share. Remember that we are also Novatek shareholders," he added.

Novatek plans to build an LNG transshipment and storage facility in Ura Bay in the Murmansk Region. The volume of transshipment could reach 20 million tons annually. The company will also establish an LNG transshipment hub in Kamchatka for another 20 million tons per year, with a possible increase to 40 million.